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New Residential acquires Shellpoint Partners for undisclosed amount.

Global Banking News-July 4, 2018-New Residential acquires Shellpoint Partners for undisclosed amount

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New Residential Investment Corp (NYSE:NRZ) closed the acquisition of a vertically integrated mortgage platform with established origination and servicing capabilities, Shellpoint Partners LLC, the company declared on Tuesday. Financial terms of the transaction were not disclosed.

Accordingly, this acquisition consists of all outstanding Shellpoint equity interests and all companies within the Shellpoint family, including New Penn Financial, Shellpoint Mortgage Servicing, Avenue 365 and eStreet Appraisal Management Company.

New Penn Financial is a lender on a broad portfolio of mortgage products and provider of customer service, under one roof. Founded in 2008 and licensed in 49 states in the US, it is headquartered in Plymouth Meeting, Pennsylvania and operates offices nationwide. Shellpoint Mortgage is a non-bank service provider of residential mortgage loans. Through its offices in Greenville, South Carolina and Houston, Texas, it serves banks, loan originators and private equity firms in the US.

NRZ focuses on investing in and actively managing, investments related to residential real estate. It targets investments in mortgage servicing related assets mainly and other related opportunistic investments. New Residential is a real estate investment trust and is managed by an affiliate of Fortress Investment Group LLC.

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Publication:Global Banking News (GBN)
Date:Jul 4, 2018
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